Initially, investors were granted access to monitor their investments on the CBEX platform. However, when deposits surpassed the $1bn mark, the platform became inaccessible, withdrawals were blocked, and it became clear that the platform was a scam.
The Economic and Financial Crimes Commission, EFCC, has declared six alleged promoters of Crypto Bridge Exchange, CBEX, wanted. This followed an Abuja Federal High Court order which granted the anti-graft agency the permission to arrest and detain them.
Justice Emeka Nwite gave the permission after the anti-graft agency filed and argued an ex parte application against the culprits who were recently involved in a massive cryptocurrency investment fraud worth over $1bn.
The six suspects are Adefowora Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo, and Chukwuebuka Ehirim.
In the application filed by the EFCC and dated April 23, EFCC soughted two key reliefs: the issuance of arrest warrants against the defendants and an order to remand them pending the conclusion of investigations and possible prosecution.
The EFCC counsel, Fadila Yusuf disclosed that the agency received intelligence in April 2025 linking the suspects to a sophisticated investment fraud.
To promote CBEX platform, the suspects used a company, ST Technologies International Limited, persuading members of the public to invest in cryptocurrency with promises of unrealistic returns—up to 100%.
“The defendants are at large, and a warrant of arrest is required to bring them in for proper investigation and prosecution,” Yusuf told the court.
The anti-graft agency in an affidavit supporting the application, stated that investors were encouraged to convert their digital assets into the stablecoin USDT (Tether) and deposit them into cryptocurrency wallets linked to the defendants.
Initially, investors were granted access to monitor their investments on the CBEX platform. However, when deposits surpassed the $1bn mark, the platform became inaccessible, withdrawals were blocked, and it became clear that the platform was a scam.
The EFCC’s investigation revealed that while ST Technologies was properly registered with the Corporate Affairs Commission, it did not have authorization from the Securities and Exchange Commission to provide investment-related services.
Furthermore, the suspects are said to have left their known addresses in Lagos and Ogun States, leading the EFCC to request that they be placed on a red watch list to assist in their arrest.
“The investigation has established a prima facie case of an investment scam. Granting this application is in the interest of justice,” the EFCC said.
